Seeking mortgage advice before taking out a mortgage can be incredibly valuable in the long term. Good mortgage advice will allow you to find the best mortgage for your situation, whether finding your first mortgage or re-mortgaging or finding a buy to let mortgage.
There are also risks associated with not seeking advice. If you seek advice and find later that the mortgage is unsuitable then you will have more rights when you look to make a complaint. There is also a risk of being rejected by your chosen lender due to not understanding the lender criteria, which can lead to marks on your credit file.
What is a mortgage adviser/broker?
When it comes to mortgage advisers and brokers there is no difference. Both search the market to find the best mortgage for your situation. The main consideration to make is whether you use an Independent or a tied adviser.
A tied adviser can only recommend you a specific range or mortgages that can limit your options. An Independent mortgage adviser, such as Chadwicks IFA, will search the whole of market to find you the best deal for your circumstances.
A mortgage adviser also needs to gain qualifications recognised by the FCA.
The benefits of using a mortgage adviser
Expert financial advice
When you use a mortgage adviser, you have the expertise and knowledge of a qualified professional. Someone who has trained and gained the relevant qualifications to take you through this process. Mortgages terms can be complicated and having someone experienced to explain the product in full can provide you with peace of mind and confidence before committing to your mortgage.
Securing the mortgage
Mortgage paperwork is lengthy and full of financial jargon. By seeking financial advice, your mortgage adviser will complete all the paperwork for you. Thereby reducing the chances of errors and increasing your chances of securing a mortgage.
Saving you time
Buying a house is a notoriously difficult time for many. Many of us will see delays in this process but these delays can be significantly reduced by seeking financial advice. Your mortgage adviser will know who to contact and when if delays arise.
Potential lower interest rates
Independent mortgage advisers can search the whole of market to find you the best rates. Not only this, mortgage advisers sometimes have access to preferential rates not directly accessible to the public.
How much will it cost?
The cost to use a mortgage adviser or broker will depend on the company you decide to use. Some will charge by the hour, some a fixed fee and others a combination.
At Chadwicks we provide you with a fixed fee in writing. This way you know exactly how much you will be paying and can budget more accurately during your house purchase.
Finding a mortgage broker
There a few points to keep an eye out for when searching for a mortgage adviser. Importantly you want to make sure that the individual meets the minimum qualifications. Additionally, you want to decide whether you want to use an Independent adviser or a restricted adviser. You will find that most banks can provide you access to a mortgage adviser however their offering will mostly be restricted to the bank’s products.
Chadwicks IFA’s dedicated mortgage team are able to find the best suited mortgage for you. Our mortgage team are Independent meaning we can search the whole of market to find you the best deal.
Request a call with Chadwicks IFA
Your home may be repossessed if you do not keep up repayments on your mortgage